Teledyne’s profits rise in Q1
Thousand Oaks-based Teledyne Technologies beat Wall Street’s expectations on April 25 when it reported first-quarter profits of $35.7 million on $494 million in sales.
The profits work out to 96 cents a share, well above the 91-cent average estimate of six analysts, according to data from Thomson Reuters. Sales were 5.5 percent above the same quarter last year, and profits rose 9.8 percent.
Teledyne, one of the largest public companies in the Tri-Counties with a market capitalization of $2.4 billion, is a defense-industrial conglomerate that in recent years has shifted its business away from defense spending as U.S. wars abroad wind down. It has refocused on commercial imaging sensors and equipment for the oil and gas industries, among other products.
Teledyne announced its earnings before the markets opened. Its shares were up 3.5 percent to $64.21 in midday trading.